NFJ Investment Group LLC Buys Shares of 8,891 Agnico Eagle Mines Limited $AEM

Key Points

• NFJ Investment Group initiated a position in Agnico Eagle Mines, purchasing 8,891 shares valued at approximately $1.96 million. Institutional investors and hedge funds collectively own 68.34% of the company.
• Agnico Eagle reported quarterly earnings of $3.05 per share, exceeding estimates of $2.89, while revenue rose 35% year over year to $3.77 billion. The company posted a 40.44% net margin and 22.04% return on equity.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and a $226 target price. Shares recently opened at $217.02, within a 52-week range of $133.80 to $255.24.

NFJ Investment Group LLC purchased a new position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,891 shares of the mining company's stock, valued at approximately $1,958,000.

A number of other institutional investors also recently made changes to their positions in the stock. K.J. Harrison & Partners Inc purchased a new stake in shares of Agnico Eagle Mines during the second quarter worth about $6,923,000. BIP Wealth LLC purchased a new position in shares of Agnico Eagle Mines during the second quarter valued at approximately $1,167,000. Annex Advisory Services LLC lifted its stake in shares of Agnico Eagle Mines by 70.5% during the second quarter. Annex Advisory Services LLC now owns 29,007 shares of the mining company's stock valued at $4,500,000 after buying an additional 11,995 shares during the period. RFG Advisory LLC acquired a new stake in Agnico Eagle Mines during the fourth quarter worth approximately $1,122,000. Finally, PensionDanmark Pensionsforsikringsaktieselskab boosted its position in Agnico Eagle Mines by 12.0% during the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 103,312 shares of the mining company's stock worth $16,046,000 after acquiring an additional 11,100 shares during the last quarter. 68.34% of the stock is owned by institutional investors and hedge funds.

Agnico Eagle Mines Price Performance

Agnico Eagle Mines stock opened at $217.02 on Friday. Agnico Eagle Mines Limited has a 1 year low of $133.80 and a 1 year high of $255.24. The firm has a 50 day moving average price of $161.03 and a 200 day moving average price of $186.71. The company has a market cap of $110.01 billion, a price-to-earnings ratio of 18.56, a PEG ratio of 2.64 and a beta of 0.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, topping analysts' consensus estimates of $2.89 by $0.16. The company had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. Agnico Eagle Mines's revenue was up 35.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.94 earnings per share. Sell-side analysts predict that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on AEM shares. Canadian Imperial Bank of Commerce set a $285.00 target price on shares of Agnico Eagle Mines in a research note on Thursday, July 16th. Scotia reduced their price target on Agnico Eagle Mines from $280.00 to $278.00 and set a "sector outperform" rating on the stock in a research note on Friday, July 3rd. Bank of America decreased their price objective on Agnico Eagle Mines from $302.00 to $240.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Citigroup dropped their target price on Agnico Eagle Mines from $256.00 to $200.00 and set a "buy" rating for the company in a research note on Monday, July 27th. Finally, ATB Cormark Capital Markets upgraded Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a research report on Monday, May 4th. Twelve investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $226.00.

Agnico Eagle Mines Profile

Agnico Eagle Mines Limited NYSE: AEM is a Canadian-based senior gold producer headquartered in Toronto, Ontario. The company is principally engaged in the exploration, development, production and reclamation of gold-bearing properties. Agnico Eagle pursues both greenfield and brownfield exploration to expand its resource base and operates a portfolio of producing mines and development projects to generate long-life gold production.

Its core business activities span the full mining lifecycle: grassroots and advanced-stage exploration, prefeasibility and feasibility studies, mine construction, underground and open-pit mining, ore processing and metal recovery, and post-mining reclamation and closure.

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